Interactive Brokers 2024 Review Pros, Cons, and Comparative Insights

Interactive Brokers 2024 Review: Pros, Cons, and Comparative Insights

Venturing into the realm of online trading demands a trustworthy guide, and Interactive Brokers stands out as an enticing choice for traders at various levels of expertise. Within this thorough analysis, we will delve into the strengths, drawbacks, and comparative attributes of Interactive Brokers, unveiling insights into its services, platforms, fees, and distinctive elements that distinguish it in the ever-evolving sphere of online brokerage, with a particular emphasis on finances and budgeting.

1. Interactive Brokers Overview:

Interactive Brokers caters to a diverse audience with two service tiers: IBKR Lite and IBKR Pro. While IBKR Lite is tailored for casual investors with commission-free trades, IBKR Pro targets advanced traders with per-share pricing, an advanced trading platform, and an extensive range of tradable securities.

2. Pros and Cons:


  • Large investment selection.
  • Robust research and tools.
  • Over 19,000 no-transaction-fee mutual funds.
  • High order execution quality.


  • High minimum to earn interest on uninvested cash.
  • Website ease-of-use concerns, particularly for IBKR Pro customers.
  • Lack of access to initial public offerings (IPOs) and over-the-counter (OTC) stocks.

3. IBKR Lite vs. IBKR Pro:

For the casual investor, IBKR Lite offers unlimited free trades of U.S.-listed stocks and ETFs. On the other hand, IBKR Pro caters to advanced traders with a per-share pricing model and an extensive selection of tradable securities, including foreign stocks.

4. Account Minimum and Trading Costs:

  • Account Minimum: Interactive Brokers stands out with a 5 out of 5 stars rating for allowing users to open an account with no minimum requirement.
  • Stock Trading Costs: IBKR Lite provides free trades, while IBKR Pro offers low per-share pricing, ideal for high-volume traders.

5. Options Trading and Account Fees:

  • Options Trades: Both IBKR Lite and IBKR Pro customers benefit from competitive pricing in options trading, with a charge of $0.65 per contract for IBKR Pro.
  • Account Fees: Interactive Brokers charges no annual, account, transfer, or closing fees, distinguishing it from many competitors.

6. Interest Rates on Uninvested Cash:

While Interactive Brokers offers competitive interest rates on uninvested cash, it requires a substantial minimum balance to earn interest, with rates varying based on the account type.

7. No-Transaction-Fee Mutual Funds and Tradable Securities:

  • Mutual Funds: Interactive Brokers excels with over 19,000 no-transaction-fee mutual funds, providing extensive choices for retirement investors.
  • Tradable Securities: The platform caters to advanced traders with diverse products, including stocks, options, ETFs, precious metals, forex, warrants, futures, and an impressive bond selection.

8. Crypto Offering:

Interactive Brokers introduced cryptocurrency trading in 2021, providing access to bitcoin, ethereum, litecoin, and bitcoin cash. While not commission-free, the fees are minimal, offering a gateway for users to venture into the crypto space.

9. Trading Platform and Mobile App:

  • Trading Platform: IBKR Lite traders find the Client Portal platform suitable, while IBKR Pro users enjoy the powerful Desktop Trader Workstation, known for its speed, real-time monitoring, advanced charting, and customizable features.
  • Mobile App: The IBKR mobile app extends the trading experience on the go, featuring advanced trading shortcuts, order presets, news, research, and more.

10. Research and Customer Support:

  • Research: Interactive Brokers provides access to a vast array of research providers and news services, offering more than 200 services from various providers.
  • Customer Support: With 24-hour phone, email, and chat support, Interactive Brokers ensures assistance is available, although the absence of physical branches limits in-person interactions.


Navigating the seas of online trading demands a reliable partner, and Interactive Brokers emerges as a versatile ally. With a commitment to offering choices for both casual and advanced traders, competitive pricing, and a diverse range of tradable assets, Interactive Brokers stands as a major player in the online brokerage realm. Whether you’re a seasoned investor or a novice exploring the world of trading, Interactive Brokers provides a comprehensive platform to set sail on your financial journey.

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